USD/IDR set to move toward 15,000 by end-2024 – Standard Chartered

Economists at Standard Chartered analyze Indonesia’s macroeconomic outlook and share their forecast for the Rupiah (IDR.)

2024 GDP growth to pick up to 5.2% YoY

We expect 2024 GDP growth to pick up to 5.2% YoY on a continued cyclical recovery, election spending, and still-healthy demand for Indonesia’s main export commodities.

We expect BI to start cutting rates in H2, with a risk of an earlier cut should the Fed move faster on a sharper US economic downturn. 

We stay constructive on the Indonesian Rupiah and see USD/IDR appreciating to 15,000 by end-2024 on resumed portfolio flows.